Morgan Stanley Boosts Corebridge Financial (NYSE:CRBG) Price Target to $28.00

Corebridge Financial (NYSE:CRBG) had its price objective upped by Morgan Stanley from $26.00 to $28.00 in a report issued on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts also recently commented on CRBG. UBS Group boosted their target price on Corebridge Financial from $22.00 to $28.00 and gave the stock a buy rating in a research note on Wednesday, January 10th. Royal Bank of Canada reissued an outperform rating and set a $32.00 target price on shares of Corebridge Financial in a research note on Friday, April 12th. Evercore ISI boosted their target price on Corebridge Financial from $30.00 to $32.00 and gave the stock an outperform rating in a research note on Thursday, April 11th. Wells Fargo & Company boosted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. Finally, Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of Moderate Buy and an average price target of $29.08.

Corebridge Financial Stock Down 1.7 %

CRBG stock opened at $26.36 on Monday. The company has a market cap of $16.41 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. The business has a 50-day simple moving average of $26.01 and a 200 day simple moving average of $23.13. Corebridge Financial has a 52 week low of $14.91 and a 52 week high of $29.40. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. Corebridge Financial’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Sell-side analysts anticipate that Corebridge Financial will post 4.86 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s payout ratio is 54.44%.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. American International Group Inc. boosted its holdings in shares of Corebridge Financial by 25,998,738.6% during the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after buying an additional 324,204,270 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Corebridge Financial by 6.5% during the 4th quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock worth $666,734,000 after buying an additional 1,865,841 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Corebridge Financial by 39.0% during the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after buying an additional 6,648,673 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Corebridge Financial by 16.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,725,378 shares of the company’s stock worth $299,982,000 after purchasing an additional 2,677,024 shares during the period. Finally, Norges Bank acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $225,561,000. 98.25% of the stock is currently owned by institutional investors.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.